#数字货币市场洞察 Last night, a round of drinks completely overturned my understanding of the past three years. A seasoned player who has been through multiple cycles woke me up with a single sentence.

"Are you still looking for the next coin to skyrocket? You're thinking too simply." He gently swirled his glass. "The real game has already changed—from picking racehorses, to buying the entire racetrack."

He pulled up a candlestick chart on his phone and drew a line: "See this line? It’s the shift of power from CEX to DeFi. Everyone’s fixated on price fluctuations, but they’re missing the real core. Those new DeFi infrastructure projects, like the next generation of DEX ecosystems, are the key moves made by the builders along this line. CEX is the fortress of centralized finance, but ecosystem infrastructure is what leads to the next era of digital finance."

"Why does smart money stay quiet? Because the accumulation phase is meant to be silent. It’s like buying up the infrastructure that controls liquidity before a new money-printing cycle begins."

At that moment, I truly woke up.

In the world of digital currency, we’re used to chasing price swings and end up missing the value of paradigm shifts themselves. While most people are still arguing over the initial price of some DeFi project’s token, those who get it are already thinking about its pricing power in the evolution of the entire ecosystem.

History doesn’t simply repeat, but it always rhymes. The first to understand Bitcoin as "the Internet of Value" rather than "digital gold," and those who recognized Ethereum as a "world computer" instead of just a "fundraising tool," reaped rewards that surpassed any single cycle.

Now, the same turning point is here again. The new generation of DeFi infrastructure isn’t just another project token—it’s the underlying innovation for the next era of digital finance.

This time, I’m no longer asking, "How many times can it multiply?" I’m asking, "How does it change the rules of the game?"

Because in the crypto world, the greatest wealth always comes from getting in early on the next game.